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Planning Your Monthly Budget

Hi all!!

Just wondering, how many of you actually plan and budget your spending? Do you have a weekly budget? Monthly budget? Is it in a physical planner or notebook or do you do your budgets online? I know that ever since Covid hit with quarantine many people have had their finances affected in one way or another.  Some people have had their hours cut, while others have lost their jobs. If you do not use a budget planner now might be a good time to start.

If you are not a planner, sometimes it is difficult to get started on planning a budget and sticking with it.  They say of you do something regularly for 30 days, it will become a habit. I think this is somewhat true, but if you do not remain consistent, it is easy to fall back into your old ways.  So, my first suggestion is to decide if you are going old school with a budget book and pen, or if you are going up to dat and store it all on one of your electronic devices.  Some people find using their phones beneficial since they take their phone everywhere.  It makes it easy to enter those purchases and expenditures right away.

Once you decide which route you are going to take, purchase your budget book and pen or if you are going to keep track electronically look into a good app or even an online budget calculator.  Having an app or calculator you can use will make it easier to create and keep track of your budget.  

After you have your budget keeping book or App, sit down with a list of all your regular expenditures.  You want to include your rent/mortgage payment, all utilities, phone bill, internet, gas, car payment, insurance, etc.  Try to include everything you spend on a regular basis so you don't end up with surprises later in the month. In your budget you will want to include savings and an amount for personal extras.

See how your budget works for a month or two and make changes when necessary.  Try to be strict and stick with what you have planned out. Yes, you may slip up and spend more than you should randomly, but the more you stick to the plan, the easier it will be. 

A tip from a homeschooling mom, here. If you have children teach them about budgets and how to keep track of their finances.  So many today are not taught this in school.  I went to public school and I was never taught how to handle finances. All 6 of my children were taught how to budget.  We even had them take charge of groceries for a week or so and gave them a certain amount where they had to plan meals and work with a budget for purchasing what was needed. Well worth the effort.

Have any tips you would like to share? Leave a comment below!! Thanks so much for stopping by!!

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